Market Outlook for the Week of 4/3/23

Welcome, ladies and gentlemen, to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is for Monday, April 3rd, 2023. My name is Robert Roy. It is time to jump right in.

Look at that candle today. Bam, baby, look at that move. 58 points to the upside. Today we’ve got a new way of looking at the market. Now, a new pattern that we need to analyze here. We’ve got this bigger overall down trend that we had there. We violated that. The upper level, that resistance line we violated. It became support. Now right in here and what just happened, we now have you ready for this…We have a low, we have a higher low. We have a high, and we want to see now are we going to put in a higher high? We now have violated above the previous swing high above the one before that. So we are just rocking baby. We’re at the .236 level right now, which is the hesitation point. That’s that red line in there. So what am I looking for right now? We’re at 4109, looking at 4094 as a downside target. If we did break that, we’d be looking at the 4039 level, back to that recent… Actually, no, that line would go away. We’d be looking at the 40, 31 level. Sorry about that. We’d be looking at the 4031 level as our next downside target. On the upside, the good old 4181. That is the key level right there. We closed just about that on this candle here. That was back on Feb two, the same date we hit that. 4195.44, the all time high…actually not all time high. The recent high right in there. And we’re looking for those levels to be approached.

Again, we look at VIX. You ready for this? Allright, baby. We’re at under 19 right now on the VIX. We’re down another 35 cents. I’m a few minutes behind on this chart here. I got another four minutes to catch up, but right now we are in a bias of medium and in rank of one. We’re on the lowest end of that. There are goods and bads to it. It’s good if you’re a directional trader, man, you’re getting really cheap options, prices right now as a seller. It’s a little harder to come across good premium. So you gotta be very selective in your options. The only thing that really gave us decent premiums on yesterday that when I looked was on some of the diagonal put spreads, but with the market going up, that’s probably not the trade I wanna be doing anyway, right? So there you have it. Ladies and gentlemen. Stay focused on the quest of becoming a great trader. Keep crushing it and remember you just won trade away. Take care and I’ll see all of you at our next update. Bye for now.